Wednesday, 03 March 2021

BUSINESS AND ECONOMY

Headliners

Headliners (2294)

By Alao Abiodun/ THE NATION

Social media was agog on Monday night after popular Nigerian rapper, Sodiq Yusuf, popularly known as CDQ called out Burna Boy for allegedly disrespecting former Super Eagles forward, Obafemi Martins.

CDQ took to his official Twitter page on Monday night to express his anger towards the ‘Ye’ coroner, Burna Boy.

He said, “I still can’t phantom this an artist just disrespected Obagoal on thinking he’s now bigger n say e don get mouth pass Obafemi Martins and I imagine how he was able to go back home and sleep comfortably without conscience in this same Lagos igbagbè manshe awa eda ooo,” CDQ wrote in Pidgin English.

“Burna for the first time I’m disappointed in u!!!!! U and ur boys need to go apologize to Obagoal now! No let dem dey deceive u wit ur village title say African giant com dey disrespect ObaEar Eko lonpe bi. Obafemi Martins is not anybody’s mate Extraterrestrial alien if we dey cry make we dey see.”

“U don’t disrespect anyone in my circle and I look d other way; no way,” (sic) he added.

CDQ however urged him to apologise to the former Inter Milan forward.

As of the time of this report, Burna Boy and Obafemi Martins are yet to react to CDQ’s claim.

Posted On Tuesday, 02 March 2021 17:18 Written by

By Helen Oji/ GUARDIAN.NG

Vice President Yemi Osinbajo, yesterday, faulted the prohibition of cryptocurrencies in the country, saying it should rather be regulated.

Speaking at a one-day Special Summit on the Economy organised by the Central Bank of Nigeria (CBN) in collaboration with Bankers Committee in Lagos, the vice president said there was need for regulators to create knowledge-based regulations that would help maximise the strengths and opportunities associated with block chain technology and also minimise the risks and threats associated with it.

According to him, Nigeria needs to prepare for the shift to block chain technology and embrace technology for the nation’s developmental process.

“We must move Nigeria digital economy into global drive. Nigeria ICT is making giant strides. We have a lot; we must build softwares. As a nation, we have to embrace technology for our developmental processes,” he said.

Stakeholders at the summit also noted that for the country’s economy to record sustainable growth and reduce exposure to volatility in commodity prices, there was need to focus more on the provision of accommodative monetary policy measures that would enable faster recovery of the economy through improved flow of credit to households and businesses in key sectors of the economy, especially agriculture, ICT and manufacturing.

CBN Governor, Godwin Emefiele, said while accommodative monetary policy measures that would support growth remain its priorities for 2021, the apex bank would continue to pay attention to trends in inflation because price stability was critical to guiding savings and investment decisions by households and businesses.

According to him, the agricultural sector was a key driver in taking the Nigerian economy away from negative growth in the fourth quarter of 2020, stressing the need to sustain measures aimed at increasing productivity of the sector and increase production of locally made goods in the country.

In addition, he stressed the need for government to seek alternative ways of funding infrastructure to generate more revenue and enhance sustained growth, noting that a well-built infrastructure system could have a multiplier effect on growth by enabling the expansion of business activities in the country.

To this effect, he said the Infrastructure Corporation of Nigeria Limited (InfraCorp), a vehicle that would enable the use of private and public capital to support infrastructure investment, would become fully operational by the second quarter of 2021.

He said the company, Infra-Co, would be one of the top infrastructure finance entities in Africa and would be wholly dedicated to Nigeria’s infrastructure development.

He added that Infra-Co would operate as a public-private partnership and would be initially funded by the CBN, the Nigerian Sovereign Investment Authority and the Africa Finance Corporation.

According to him, it would focus on developing public assets and reconstruction as well as new roads, rail, power and other key infrastructure sector projects.

Minister of Finance, Mrs. Zainab Ahmed, said the banking sector plays a critical role in terms of reforms to reposition the country to effectively impact on different sectors of the economy to generate more revenue.

She, however, noted that the impact of the banking system on the rest of the economy depends on how it mobilises savings, allocates the savings, monitors the use of the funds by firms and individuals, pools and diversifies risk, including liquidity risk and eases the exchange of goods and services.

“When the banking system performs well, it tends to promote growth and expand economic opportunities. Economic growth is about enhancing the productive capacity of an economy.

“This is achieved by using available resources to reduce risks, remove impediments which otherwise could increase costs of doing business and hinder investment,” she said.

Posted On Saturday, 27 February 2021 04:13 Written by

BY PM NEWS:

President Muhammadu Buhari on Friday met with the new Chairman, Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa behind ‘closed door’ at the State House, Abuja.

Bawa was screened and confirmed by the Senate on Monday as EFCC chairman.

Buhari with Bawa in Abuja

He arrived Abuja on Friday afternoon for a meeting with Buhari.

Bawa at the State House

The new EFCC boss immediately entered into a ‘closed door’ meeting with the president, which might not be unconnected with strengthening the anti-corruption war.

Buhari with Bawa in Abuja

During his screening by the Senate on Wednesday, Bawa stated his vision for the EFCC, promising to lead the EFCC by example and cut down discretion in the conduct of its affairs through institutionalizing a Standard Operating Procedure.

“What I envisage the EFCC to do is to ensure that we work on our own Standard Operational Procedure, to improve on our Standard Operational Procedures so much so that all that is expected of us is written down somewhere in a document to curtail the use of discretion from the office of the Executive Chairman down to the ordinary investigator.

“We are looking forward to an EFCC whereby I as the Executive Chairman if I give an instruction to a junior officer, he will look at my face and say, Sir I understand your instruction but I will not be able to do it because of so and so Section governing the rules and regulations of the EFCC”, he said.

He also stated that he was interested in establishing synergy with other law enforcement organizations, both nationally and internationally, and aggressively pursue the repatriation of seized assets.

Posted On Thursday, 25 February 2021 23:09 Written by

A Nigerian Uche Raymond Okoye, based in Guyana, has been slammed 11 counts of fraud, several local papers reported today.

Okoye, also known as Uche Parker, was accused by the Guyana police as being part of an international criminal organisation that has scammed unsuspecting Guyanese victims out of millions.

Okoye, who is now in prison, appeared virtually Wednesday at the Georgetown Magistrate’s Court where Chief Magistrate Ann McLennan read ten indictable charges to him.

It is alleged that on ten occasions between October 15 and November 16, 2020, at Georgetown, Okoye obtained monies from a woman, Surujdai Balkaran, totalling $6,059,900, by falsely claiming that he was in possession of a package intended for her.

And on November 16, 2020, he obtained $50,000 from another woman, Ms Monroe, by also falsely claiming that he was in possession of a package intended for her.

The women were told that the monies were needed to receive the packages.
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While he pleaded guilty to some of the counts, he pleaded not guilty to the charge that he scammed Ms.Monroe.

He was further remanded until March 17.

Okoye is currently on remand for an ongoing matter before Senior Magistrate Leron Daly for four other matters of similar offences.

On 24 November 2020, he was charged with running a criminal scheme in Guyana and swindling four Guyanese of millions of dollars.

He was also accused of entering Guyana, illegally.

Okoye is suspected to be part of a criminal network involving Nigerians who collaborate with other associates and solicit cash from their victims by promising high valued merchandise to be delivered following the payment of a charge or fee amounting to millions.

The criminal network which has been ongoing for the past six months in Guyana, has links to the United Kingdom, Nigeria, Peru, Brazil, Venezuela, Argentina, Paraguay and the United States of America among other countries, according to Special Organised Crime Unit[ SOCU] of Guyana.

Posted On Thursday, 25 February 2021 14:50 Written by

By Abankula/ PM NEWS

Tiger Woods suffered multiple leg injuries from his lone horror car crash today in Los Angeles California.

His agent Mark Steinberg told Golf Digest that Woods “is currently in surgery”.

Woods, 45, was in California for a two-day content shoot with Golf Digest/GOLFTV after serving as host for the PGA Tour’s Genesis Invitational over the weekend.

The shoot involved Woods giving on-course lessons to a number of celebrities, but he mostly provided instruction and hit a few putts.

He was in good spirits on Monday but did not arrive to the course for the second day of shooting.

According to Los Angeles County Sheriffs, Wood was the sole occupant of the car, when it rolled over on the border of Rolling Hills Estates and Rancho Palos Verdes.

The accident occurred at 7.12 a.m Los Angeles time.

The 45 year-old golfer had to be cut out of the wreck by fire crews before Woods was transferred to hospital by paramedics.

Posted On Wednesday, 24 February 2021 03:25 Written by

By Kazeem Ugbodaga/ PM NEWS

Critic, Femi Fani-Kayode has replied Nigerians who said he is broke and wanted to seek refuge in the All Progressives Congress, APC, saying that he has 55 domestic staff in his house alone and pays them regularly.

He said he is not broke as being championed by his haters.

Fani-Kayode, in an article on his blog said: “You insult me and say I am broke because I had talks with two APC Governors.

“Do you know that I spend more on my monthly salary bill in one month than some of these people that are claiming I am broke earn in 5 or 10 years?

“I have 55 domestic staff in my house alone. Not one of them gets below 70,000 naira per month which is higher than the national minimum wage.

“I do not owe salaries and I feed each of them three square meals every day. I do all this just to help them and to ensure they can look after and feed their families. Does that sound like a broke man to you?

“That is my little contribution to the welfare of our people because I certainly do not need so many staff. I employ them just to keep them off the unemployment line,” he said.

He asked further: “Apart from that do you know how many people I give scholarships to and how many people’s children I feed and educate? Do you know how many other families I am responsible for in terms of day to day living?

“The Bible says be your brothers keeper and I do these things unto the Lord. I do them and I will never stop even when my good is repaid with evil.

“The Lord has always provided for me and given me the fat of the land. He has always caused me to be a blessing to others though I do not make noise about it.”

Fani-Kayode said for the last 60 years of his life, God has been good to him as He caused him to excel, prosper and flourish and that from beginning to end, He has always been with him.

“You say I make money through politics, meanwhile I left public office in 2007 which is 13 years ago! Does that make sense to you? In any case is politics my only source of income in the world?

“Am I your conventional politician who craves for elective office? Do I even attend their meetings? I have been in this game since 1990! Do you know that? I have been making my contributions to current affairs, political discourse and politics for the last 31 years which is long before most of today’s Governors or Ministers even knew the meaning of the word.

“And it was always a struggle which involved sacrifice. Where were my detractors when I was in NADECO and fought against military rule? The records are there and so are the essays and some of the people I worked with.

“Where were they when we set up September Club in 1989 and some of the nations greatest leaders and elder statesmen and top politicians over the last 30 years, including Presidents, Governors, Ministers and legislators across party lines, were members.

“Where were they in the days of NRC, SDP and Choice ’92 when politics was real, when the greats held sway and when men honored their word. Where were they when we risked all for MKO Abiola’s stolen mandate and June 12th and even had to go into exile for years because of it?

Where were they when we stood against the annulment of June 12th and fought against the Government of General Sani Abacha?” He asked.

Posted On Tuesday, 23 February 2021 16:35 Written by

BY MICHAEL BAMIDLE/ GUARDIAN.NG

Three influential #EndSARS campaigners Feyikemi ‘FK’ Abudu, Odunayo Eweniyi and Damilola Odufuwa have been included in TIME magazine’s Next 100 list as emerging leaders who are shaping the future.

The Time100 Next list which was released today is an annual list that serves as an extension to the Time100 list. The Time100 Next aims to highlight “the 100 individuals who are shaping the future of their fields and defining the next generation of leadership in business, entertainment, health and science, sports, activism, and more.”

TIME wrote that the individuals on this year’s list provide “clear-eyed hope” amid a global pandemic, deepening inequality, systemic injustice and existential questions about truth, democracy and the planet itself. According to Dan Macsai, editorial director of the TIME100, “Everyone on this list is poised to make history. And in fact, many already have.”

The trio raised nearly N150 million during the #EndSARS protests to facilitate medical assistance, legal aid, food for protesters. Their entry was written by Suyin Haynes, a TIME’s senior reporter covering gender and culture.

“When protests calling for an end to police brutality and the disbandment of Nigeria’s Special Anti-Robbery Squad (SARS) erupted across the country in fall 2020, Damilola Odufuwa and Odunayo Eweniyi, founders of the Feminist Coalition, sprang into action. Drawing on their expertise in tech, they raised donations in Bitcoin to offer protesters medical assistance, legal aid and mental-health support,” Haynes wrote.

Haynes continued: “Simultaneously, Feyikemi “FK” Abudu acted quickly, raising funds from both Nigeria and the diaspora to organize food and security arrangements for protesters on the ground. Abudu later joined forces with the Feminist Coalition, and the organization, comprising 13 founding members, raised more than $387,000 in two weeks. As their fight continues—in mid-October, the government pledged to implement police reform, but efforts to suppress dissent, including by arresting demonstrators, are ongoing—the coalition’s leaders hope their crucial role in the protests demonstrates the importance of having women in leadership.”

Posted On Wednesday, 17 February 2021 18:53 Written by

By Alao Abiodun/ THE NATION

Nigerian Obinawanne Okeke has been sentenced to 10 years imprisonment for involvement in a computer-based intrusion fraud scheme that caused approximately $11 million in known losses to his victims.

“Through subterfuge and impersonation, Obinwanne Okeke engaged in a multi-year global business email and computer hacking scheme that caused a staggering $11 million in losses to his victims,” said Raj Parekh, Acting U.S. Attorney for the Eastern District of Virginia.

“Today’s sentence further demonstrates EDVA’s and FBI’s worldwide reach in vigorously pursuing justice on behalf of American victims and others and holding international cybercriminals accountable, no matter where they commit their crimes.”

According to court documents, Obinwanne Okeke, 33, operated a group of companies known as the Invictus Group based in Nigeria and elsewhere.

From approximately 2015 to 2019, Okeke and others engaged in a conspiracy to conduct various computer-based frauds.

The conspirators obtained and compiled the credentials of hundreds of victims, including victims in the Eastern District of Virginia.

As part of the scheme, Okeke and other conspirators engaged in an email compromise scheme targeting Unatrac Holding Limited, the export sales office for Caterpillar heavy industrial and farm equipment.

In April 2018, a Unatrac executive fell prey to a phishing email that allowed conspirators to capture login credentials.

The conspirators sent fraudulent wire transfer requests and attached fake invoices.

Okeke participated in the effort to victimize Unatrac through fraudulent wire transfers totaling nearly $11 million, which was transferred overseas.

Additionally, Okeke engaged in other forms of cyberfraud, including sending phishing emails to capture email credentials, creating fraudulent web pages, and causing other losses to numerous victims.

“The FBI will not allow cyber criminals free reign in the digital world to prey on U.S. companies,” said Brian Dugan, Special Agent in Charge of the FBI’s Norfolk Field Office.

“This sentencing demonstrates the FBI’s commitment to working with our partners at the Department of Justice and our foreign counterparts to locate cyber criminals across the globe and bring them to the United States to be held accountable.”

Raj Parekh, Acting U.S. Attorney for the Eastern District of Virginia, and Brian Dugan, Special Agent in Charge of the FBI’s Norfolk Field Office, made the announcement after sentencing by Chief U.S. District Judge Rebecca Beach Smith.

Posted On Wednesday, 17 February 2021 17:44 Written by
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